## anonymous 4 years ago Paul deposited $6,460 into a savings account 17 years ago. The account has an interest rate of 4.3% and the balance is currently$13,400.91. How often does the interest compound?

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1. anonymous

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2. anonymous

the interest is in one year,month?

3. anonymous

The basic formula is $A = P(1 + \frac{r}{n})^{nt}$ The n is there if the interest is compounded n times per year, but let us assume that it is not---the interest is compounded annually. OK?

4. anonymous

Scratch the assumption. we have $13400.91 = 6460(1 + \frac{0.043}{n})^{17n}$